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20130115
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's not a quote median-term deficit reduction plan put in place. what will it take to get a deal? we start with dan gross. his latest piece is titled "obama brinksmanship puts gop in tough spot on debt ceiling." so dan, you write that while you fall off a cliff, you only bump your head in to a ceiling but economically the ceiling has the capacity to deliver far more damage. you are talking like my friend steve kornacki here. what is failing to raise the debt ceiling? why is that going to be catastrophic? >> well, you know, first of all the stock and bond markets will really go haywire in a way they didn't when we were about to go over the fiscal cliff because government bonds are held by everybody. chinese central bank, japanese central bank, every single bank financial institution out there. so if there's any question over the value of those and they start to decline, these institutions have a great amount of leverage and interconnected with everything else and sort of see what happened in 2008. it's also this issue of, you know, who gets paid? if you start to have to say maybe soldiers g
cuts and revenue increases should be in terms of dealing with the deficit. that's been the battle that's waged since early 2011 and republicans grabbed control of the house. they have the house for two years and feels like more of a ceremonial second inaugural than usual. >> yeah. and i think he's going to have a very tough -- toure was right saying i have a limited idea of how much to get done in this term. lbj in 1965 had had the largest landslide in history, more democrats in congress than any other time in the 20th century except for roosevelt and told the people, we have got six months because i'm going to be asking democrats to make a lot of sacrifices that may hurt them back in their home states and willing to do that for six months and then start rebelling. he was absolutely right because if you think of the big things in the great society, voting rights, medicare, the other stuff, most of that was done during johnson's first six months and turned out to be prophetic and a fair warning. >> yeah, no. 1966 midterms, 46-seat landslide for republicans. great example there. >> absol
Search Results 0 to 2 of about 3 (some duplicates have been removed)

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